ARC, which has yet to set a date for its offering, expects to sell 24.6 million shares between $19 to $21 each, according to Securities and Exchange Commission documents. Of the 24.6 million, 2.4 million, or about 10%, will be sold to current owners. The company already has raised about $400 million from institutions and investors, including Citigroup Financial, Thomas H. Lee Partners, UBS Capital Americas LLC and Nassau Capital.
The company, which also will sell five million preferred shares, plans to use some of the money from the IPO to purchase another 26,000 home sites in 90 communities from privately held Hometown America LLC, based in Chicago. Last year, Hometown America bought Greenwood Village-based Chateau Communities, which at the time was the largest owner of manufactured housing sites in the country.
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